E.W. Scripps Co., Cincinnati, announced Monday it plans to offer lump sums or immediate annuities to about 4,300 former vested employees who participate in the company's defined benefit plans.
Eligible participants have until Oct. 13 to make a decision, with lump-sum payments expected to be made in November, said a company news release. Further information on eligible participants could not be learned by press time.
At the end of 2014, the company had $495 million in defined benefit assets and $620.6 million in projected benefit obligations for a funding ratio of approximately 80%, according to its most recent 10-K.
Funding for the lump-sum offer is expected to come from existing plan assets. The plan's funded status is expected to remain “materially unchanged” as a result of the offer, the news release states.
A company spokeswoman could not immediately be reached for additional information.
